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5 Reasons to Automate Your P2P Process in 2021

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2020 has seen companies across the globe adapt to what experts are calling the ‘next normal’. The events of this year have undoubtedly accelerated the need for digital transformation in many organisations and that need is most keenly felt in finance departments.

This year has highlighted a lack of efficiency in manual accounting processes that often relied on in-office resources such as printing, filing, and mailing invoices. A lack of visibility on operational processes was brought to the forefront of discussion while working remotely this year.

Brexit and the EU

With Brexit taking effect on January 1st 2021, supply chain efficiencies are top of mind for many European organisations. There is now no room for error when it comes to documentation management and the movement of goods. Missing or incomplete documents can have major financial implications on a business trading with the U.K

What is Procure-to-Pay Automation?

A Procure to Pay (P2P) process begins with the requisitioning of goods and services and ends with processing payments to suppliers. There are a lot of moving parts when it comes to Procure to Pay processes – planning, buy in, governance, communication, and supplier onboarding to name a few. An automated P2P solution enables the integration of the purchasing department with the accounts payable department and offers a clear view of the process.

5 Reasons to Automate:

  1. Reduce Costs

An automated solution reduces your manual invoice processing time and ultimately enables you to use your procurement experts time for more strategic activities. Rather than wasting time on repetitive tasks your organisation can focus on the bottom line.

  1. Control & Visibility

An automated P2P solution offers full visibility of your process and real time data. Managers therefore have greater control over payments and spend analysis to move the business forward.

  1. Greater Efficiency through Automation

Increase overall efficiency by automating manual processes and ensuring that errors associated with manual input are eliminated.

  1. Enhance Supplier Communication

Greater visibility and control over the process means supplier queries are managed with ease and improves the communication.

  1. Contract Management

The digitisation of the processes means that contracts and necessary documents are at hand when needed across all stakeholders involved in the supply chain. This type of document management also improves compliance and ensures all documents associated with orders are centrally stored together.

Ready to take the next step?

By embracing process automation you can help create a more agile and efficient business. If you’d like to talk to one of our consultants about implementing an P2P solution for your organisation, you can email solutions@inpute.com for more information.

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